中国证券市场审计任期与盈余质量关系的实证检验

安然事件以来,审计任期与盈余(经审计的)质量的关系成为了研究热点.本文运用中国证券市场1998-2004年上市公司的公开数据,同时从事务所任期与合伙人任期两大层面实证检验了审计任期与盈余质量之间的关系.实证结果显示:随着会计师事务所审计任期的增加,盈余质量显著地表现出先逐渐上升后逐渐下降的倒U型趋势,且拐点稳定在6-8年之间;而随着签字注册会计师审计任期的增加,盈余质量虽然总体逐渐上升,但此趋势尚不足够显著.     

Directed Search for Equilibrium Wage–Tenure Contracts

I construct a theoretical framework in which firms offer wage–tenure contracts to direct the search by risk‐averse workers. All workers can search, on or off the job. I characterize an equilibrium and prove its existence. The equilibrium generates a nondegenerate, continuous distribution of employed workers over the values of contracts, despite that all matches are identical and workers observe all offers. A striking property is that the equilibrium is block recursive; that is, individuals' optimal decisions and optimal contracts are independent of the distribution of workers. This property makes the equilibrium analysis tractable. Consistent with stylized facts, the equilibrium predicts that (i) wages increase with tenure, (ii) job‐to‐job transitions decrease with tenure and wages, and (iii) wage mobility is limited in the sense that the lower the worker's wage, the lower the future wage a worker will move to in the next job transition. Moreover, block recursivity implies that changes in the unemployment benefit and the minimum wage have no effect on an employed worker's job‐to‐job transitions and contracts.     

Equilibrium Wage‐Tenure Contracts

In this study we consider a labor market matching model where firms post wage‐tenure contracts and workers, both employed and unemployed, search for new job opportunities. Given workers are risk averse, we establish there is a unique equilibrium in the environment considered. Although firms in the market make different offers in equilibrium, all post a wage‐tenure contract that implies a worker's wage increases smoothly with tenure at the firm. As firms make different offers, there is job turnover, as employed workers move jobs as the opportunity arises. This implies the increase in a worker's wage can be due to job‐to‐job movements as well as wage‐tenure effects. Further, there is a nondegenerate equilibrium distribution of initial wage offers that is differentiable on its support except for a mass point at the lowest initial wage. We also show that relevant characteristics of the equilibrium can be written as explicit functions of preferences and the other market parameters.     

Job tenure as a moderator of stressor–strain relations: A comparison of experienced and new-start teachers

Abstract

Few studies have investigated the extent to which the effects of work stressors on strain change over the duration of employees’ job incumbencies. Drawing on Karasek's (1979) job demands-control-support model, the current study examined the moderating influence of job tenure (experienced versus novice worker status) on stressor-strain relations. Using a sample of 422 experienced and 248 beginning schoolteachers in Australia, job factors and job strain were assessed on two occasions, 8 months apart. Analyses revealed that the three job factors were each correlated with strain as predicted, although the (elusive) demands×control interaction effect was evidenced amongst “new-start” teachers only. The findings provide mixed support for Karasek's model, and draw attention to the need to consider the role of job tenure and career stage in studies of work stress, as work stressor-strain effects may be routinely underestimated in research that ignores these factors.     

Job tenure as a moderator of stressor-strain relations: A comparison of experienced and new-start teachers

Few studies have investigated the extent to which the effects of work stressors on strain change over the duration of employees' job incumbencies. Drawing on Karasek's (1979) job demands-control-support model, the current study examined the moderating influence of job tenure (experienced versus novice worker status) on stressor-strain relations. Using a sample of 422 experienced and 248 beginning schoolteachers in Australia, job factors and job strain were assessed on two occasions, 8 months apart. Analyses revealed that the three job factors were each correlated with strain as predicted, although the (elusive) demands×control interaction effect was evidenced amongst “new-start” teachers only. The findings provide mixed support for Karasek's model, and draw attention to the need to consider the role of job tenure and career stage in studies of work stress, as work stressor-strain effects may be routinely underestimated in research that ignores these factors.     

Individualism–collectivism orientation and employee attitudes: A comparison of employees from the high-technology sector in India and Ireland

In this study, we examined the effects of individualism–collectivism (I/C) orientations on organizational commitment (affective and normative), tenure intent, and willingness to expend effort among Indian and Irish employees. Results indicated that Indians exhibited higher willingness to expend effort, affective and normative commitments than the Irish employees. Irish employees, however, reported higher tenure intent than Indians. The self-reliance dimension of I/C predicted commitment and tenure intent in the hypothesized direction. The competitiveness dimension of I/C predicted tenure intent in the hypothesized direction but predicted commitments and effort opposite to the hypothesized direction. Supremacy of individual goals dimension of I/C predicted effort and solitary work preference dimension of I/C predicted effort and normative commitment in the expected directions. Implications are discussed.     

A Note on Job Tenure and Collective Contracts

Abstract. This paper analyses the relationship between individual tenure and the application of collective contracts at the firm level under the specific institutional settings in Germany. The empirical approach is based on a multilevel model and a linked employer–employee data set for the years 1990, 1995, and 2001. The main result is that elapsed tenure is longer in firms applying collective contracts than in companies with individual wage setting: workers in firms with collective contracts benefit not only from higher wages, but also from higher job stability. Furthermore, we find no significant changes in mean tenure during the 1990s as well as stable differences across wage‐setting regimes.     

Einfluss der Mandatsdauer des Abschlussprüfers auf ergebniszielgr??enorientierte Bilanzpolitik

This study examines whether the length of auditor-client-relationship affects audit quality. It is motivated by recent calls for mandatory auditor rotation in Europe which are based on concerns that a longer auditor tenure reduces audit quality. Earnings management is used as proxy for audit quality. It is measured by the firms’ success to achieve earnings benchmark targets. A situation in which an abnormal high proportion of firms just meet the benchmark and an abnormal low proportion of firms just miss the benchmark is interpreted as earnings management. Analysed benchmark targets are the reporting of small profits (loss avoidance) and the reporting of small positive earnings increases. Multivariate analyses indicate a higher success for benchmark beating with longer auditor tenure. This result suggests that, in the current environment, mandatory limitations on the length of auditor-client-relationship could result in higher audit quality.     

How do CEOs matter? The moderating effects of CEO compensation and tenure on equity ownership in international joint ventures

We propose that CEO compensation and tenure moderate the relationship between multinational corporations' (MNCs) R&D intensities and their percentages of equity ownership in international joint ventures (IJVs). Transaction cost economics (TCE) suggests a positive relationship between MNC R&D intensity and IJV equity ownership, but this relationship has not been confirmed consistently in prior research. We examine the moderating effects of CEO compensation and tenure on the relationship between MNC R&D intensity and IJV equity ownership, thereby bringing more nuanced explanations from agency theory and upper echelons theory into the discussion. Our proposed relationships were tested using a sample of 202 IJVs formed between U.S. MNCs and foreign partners in high-tech industries for the period 1993 to 2003. We found an overall positive relationship between MNC R&D intensity and the percentage of equity ownership in IJVs. Moreover, CEO tenure and bonus compensation each weaken the positive R&D intensity-equity ownership relationship in our sample, while CEO stock options compensation amplifies it. These findings indicate that CEO compensation and tenure influence decision making about equity ownership in IJVs, suggesting that scholars and boards of directors should consider these CEO-related factors when evaluating strategic decisions regarding IJVs.     

Women in Upper Echelons of Management,Tenure and Legal Risk

Integrating risk, gender diversity and upper echelons literatures, we examine whether the presence of women in upper management (top management team (TMT) and board of directors (BOD)) and the tenure of TMTs and BODs are associated with the risk of lawsuits. An analysis of data from firms in the US retail industry shows that the presence of women in TMTs and BODs and the tenure of TMTs and BODs are negatively associated with legal risk, but longer tenured BODs with more women had a positive impact on lawsuits. Implications and suggestions for future research are offered.     

Gender and Employee Attitudes: The Role of Organizational Justice Perceptions

In this study, using path analysis, we tested whether procedural justice perceptions mediated the relationship between gender and distributive justice perceptions. Furthermore, we also tested whether the two forms of commitment (affective and normative) mediated the relationships between justice perceptions (distributive and procedural) and tenure intent. One hundred and eighty-three employees from Irish manufacturing organizations participated in the study. As hypothesized, we found support for the mediating role of procedural justice perception on the relationship between gender and distributive justice perception. Results also indicated that affective commitment mediated the relationships between justice perceptions and tenure intent and affective commitment. Finally, normative commitment did not mediate the relationships between justice perceptions and tenure intent. Further analysis using moderated regression analysis showed that gender moderated the relationships between distributive justice perceptions and affective commitment only. Gender did not have any moderating effect on normative commitment or tenure intent. Implications for research and practice are discussed.     

Returns to Tenure or Seniority?

This study documents two empirical facts using matched employer–employee data for Denmark and Portugal. First, workers who are hired last, are the first to leave the firm. Second, workers' wages rise with seniority, where seniority is defined as a worker's tenure relative to the tenure of his colleagues. Controlling for tenure, the probability of a worker leaving the firm decreases with seniority. The increase in expected seniority with tenure explains a large part of the negative duration dependence of the separation hazard. Conditional on ten years of tenure, the wage differential between the 10th and the 90th percentiles of the seniority distribution is 1.1–1.4 percentage points in Denmark and 2.3–3.4 in Portugal.     

Employee referrals: A study of ‘close ties’ and career benefits in China

This study examines the relationship between employee referrals and employees’ job tenure through the lens of social capital theory. It does so by considering the tie strength (closeness of guanxi) between referrers and referred employees in the Chinese context. In particular, we examine the mediating effect of career benefits. We theorize that close guanxi has a significant and positive impact on the job tenure of referred employees, and that career benefits (such as having a managerial role) mediate the close guanxi effect on job tenure. This highlights the critical need to recognize the tie strength as between referrers and referred employees. The support for our hypotheses comes from the use of personnel records of 4030 employees over 13 years in one large privately-owned manufacturer in China. Our study has theoretical and practical implications for the relational approach to tackling voluntary turnover in the workplace.     

External audit and goodwill write-off

Building on agency theory, we investigate whether and how salient external auditor characteristics (size, audit fees, non-audit fees, tenure) impact on the reported goodwill write-off. We use a sample of US firms applying SFAS 142. We find that Big-4 auditors are more prone to limit underestimated write-offs rather than overestimated write-offs and that auditors require higher fees from companies underestimating the write-offs. The findings are consistent with the auditors’ preference for more conservative goodwill and earnings values, which reduce their litigation and reputation costs. This preference can converge with the managerial interest to use unnecessary overestimated goodwill write-offs for earnings management purposes (e.g. to smooth the income or take big baths). Our findings do not support the hypotheses that non-audit fees and tenure affect the goodwill write-off. Our paper contributes to prior literature on external audit and financial accounting choices. Our study suggests that leniently audited discretional fair value estimates are likely to compromise the role of auditing (and of financial reporting) as an external control mechanism. Our study can contribute to the current policy debate around goodwill accounting.     

Director tenure and contribution to board task performance: A time and contingency perspective

Director tenure is a topic of great interest in the corporate governance debate. Researchers try to assess the effects of tenure on director contribution, board effectiveness and firm performance. Regulators, corporations, and institutional investors advocate for term limits for outside directors to reduce the risks of impaired governance. Despite the burgeoning interest, there is lack of consensus on the mechanisms shaping directors' contributions over time. We argue that next to the ‘loss of independence’ and ‘knowledge acquisition’ hypotheses, respectively predicting a negative and positive effect of tenure on task performance, socio-cognitive and behavioral approaches elucidate the way in which directors' contributions rise and decline with time. Using a multiple case study approach, we document wide variability in directors' contributions at similar levels of tenure. We find this is due to a series of contingencies including whether directors are novice or experienced, the frequency and nature of board interactions, and the relative power of a director. This variability is particularly clear in longer serving directors for whom we find polarizing results: while some grow stale in the saddle, others sustain high levels of contribution despite extreme tenures. The latter finding is at odds with agency-based assumptions and general predictions from the literature. Overall, our study offers a tentative explanation as to why setting an ‘ideal’ tenure for outside directors has proven so difficult and encourages boards and policy makers to consider the influence of director-level features as well as board dynamics in shaping directors' contributions.     

Policy tenure under the U.S. National Flood Insurance Program (NFIP)

In the United States, insurance against flood hazard (inland flooding or storm surge from hurricanes) has been provided mainly through the National Flood Insurance Program (NFIP) since 1968. The NFIP covers $1.23 trillion of assets today. This article provides the first analysis of flood insurance tenure ever undertaken: that is, the number of years that people keep their flood insurance policy before letting it lapse. Our analysis of the entire portfolio of the NFIP over the period 2001-2009 reveals that the median tenure of new policies during that time is between two and four years; it is also relatively stable over time and levels of flood hazard. Prior flood experience can affect tenure: people who have experienced small flood claims tend to hold onto their insurance longer; people who have experienced large flood claims tend to let their insurance lapse sooner. To overcome the policy and governance challenges posed by homeowners' inadequate insurance coverage, we discuss policy recommendations that include for banks and government-sponsored enterprises (GSEs) strengthening their requirements and the introduction of multiyear flood insurance contracts attached to the property, both of which are likely to provide more coverage stability and encourage investments in risk-reduction measures.     

New job – new ideas: the relationship between tenure and perceived creative climate

Human resource development (HRD) practices are intertwined with organizational creative climate (CC). Understanding the factors that influence CC is important since CC influences not only employees' possibilities to share and develop ideas, but also potentially employees' decision to leave their current organization. This study focuses on how perceptions of CC is related to tenure in organizations by analysing perceived CC in a random sample of unionized Swedish white-collar workers (n = 1303). It finds tenure to be negatively related to perceived CC for the first few years of employment. The level of knowledge required for a position does not moderate this relationship, but more knowledge-intensive work in itself tends to be associated with higher levels of perceived CC. Implications for HRD are discussed.     

Employee absence, age and tenure: a study of nonlinear effects and trivariate models

Multiple regression techniques were used to explore the nature of the relationships between age, tenure and absence in 2417 British local government workers drawn from three work groups. The data were collected from organizational records and included measures of both non-certified absence and medically certified absence. Linear and curvilinear associations among age, tenure and absence were examined. The possible moderating or mediating role of tenure in the relationship between age and absence was subsequently analysed. The data revealed linear relationships between age and absence that were negative for non-certified absence and positive for certified absence. In contrast, curvilinear relationships were found between tenure and absence that were U-shaped for noncertified absence and inverse U-shaped for certified absence. Tenure was found to moderate but not to mediate the relationship between age and absence. The implications of the results are discussed in the context of the changing age and career paths of the workforce, and of methodological issues in absence research.     

国际化战略实施与高层管理团队构成实证研究

利用信息处理理论和高阶梯队理论考察国际化战略实施对高层管理团队特征(年龄、任期、教育水平及其异质性、团队规模等)选择的要求.研究结果表明:企业国际化战略的实施需要拥有某些特定属性的高层管理团队;企业国际化程度越高,要求高层管理团队任期越短、任期异质性越小,而且团队规模和教育水平异质性越大;良好的制度建设和经营管理是确保选择合理的高层管理团队执行国际化战略的重要影响因素.     

审计师任期、事务所任期与审计质量

利用审计师对财务危机的公司是否出具持续经营的查核意见,以及企业的异常营运资本,作为研究衡量审计质量良莠的代理变量,分析了中国审计师任期与会计师事务所任期对审计质量的影响。如果以查核意见作为被解释变量,没有发现审计师任期或事务所任期与审计质量有关联性的证据。然而,一旦以异常营运资本作为分析对象时,则发现较长的审计师任期有助于提高审计质量的证据。此外,当企业有增加盈余的动机时,还发现会计师事务所内的审计师之间有审计经验传承的效果。进一步的分析则显示,前述的发现主要来自于非四大会计师事务所。换言之,审计师任期的经验效果对于非四大会计师事务所更为重要。